There is the next futures/commodity theft occuring now.
http://articles.chicagotribune.com/2012-07-09/business/chi-broker-pfgbest-freezes-funds-after-founders-suicide-attempt-20120709_1_suicide-attempt-suicide-note-mf-global
http://www.suntimes.com/business/13689539-420/pfgbest-accounts-held-after-founders-suicide-attempt-report.html
http://blogs.wsj.com/marketbeat/2012/07/10/pfgbest-scandal-another-black-eye-for-futures-industry/
http://www.zerohedge.com/news/pfgbest-now-mf-global-part-2-220-million-segregated-client-money-has-just-vaporized
$220 Million of customer money just doesn't seem to be there. Huh? Just like MF Global...only this time PFGBest (Peregrine Financial Group).
For reminders, Ann Barnhardt closed her entire financial firm over MF Global. http://www.theblaze.com/stories/going-galt-hedge-broker-shuts-down-firm-with-chilling-letter-about-the-market/
Her rant today (July 9th) is pretty telling.
http://barnhardt.biz/
And Zero Hedge did start looking into who could be next.
http://www.zerohedge.com/news/first-mfglobal-now-pfg-who-next
Could this be just a futures problem in the industry, or a systemic problem in the banking/financial world?
My bet is on banking/financial world systemic problem. Too many issues over too much ground across the world.
Not sure if any U.S. coverage is on the "IT Banking Glitch" over in Europe, but there's some other issues going on in the financial world.
Ulster Bank, Ireland - 600,000 bank accounts - little to no access - no funds going in on direct deposits - funds still coming out. An IT glich seems improbable for the length of time.
NatWest, England - 12,000,000 customers - same
http://uk.finance.yahoo.com/news/natwest-technical-problems-continue-hamper-081014918.html
June 24th - Bank Glitch needs a week to get fixed.
http://www.bbc.co.uk/news/uk-northern-ireland-18569815
June 30th - Won't be fixed by July 2nd
http://www.bbc.co.uk/news/uk-northern-ireland-18657127
July 9th - Finally catching up
http://www.irishtimes.com/newspaper/breaking/2012/0709/breaking35.html
And for comic relief for 600,000 accounts having limited / no access to funds...
Credit Rating - NOT AFFECTED - what a joke.
http://www.rte.ie/news/2012/0627/ulster-bank-accounts-back-to-normal-by-next-week.html
RBS is blaming Offshoring - yeah ok
http://articles.economictimes.indiatimes.com/2012-06-28/news/32457355_1_anti-outsourcing-offshore-outsourcing-outsourcing-issue
RBS is blaming duplicate mortgage payments on glitch...this is theft, plain and simple.
http://uk.news.yahoo.com/rbs-blames-glitch-mortgage-payments-being-taken-twice-120922678--finance.html
This is the joke of a financial system we have in the world today and something is very, very wrong. Get prepared for when these "random" occurances happen to the U.S. banking system.
I'd call them bank holidays and theft. I guess they are calling them "IT Glitches" and "Accounting errors" these days.
